The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Infrastructure drives market growth

Mortgage-backed deals continued to dominate European structured finance in 2003 but deals funding complex infrastructure projects began to make a big splash, with monoline insurers taking on an indispensable role. Mark Brown reports.

Malcolm: issuers are
increasingly focused

EUROPE'S STRUCTURED FINANCE market enjoyed much good news in 2003. Many investors began the year by shifting allocations away from corporate bonds to more structured products, which offered higher ratings and lower volatility.

The even better news as Christmas approaches is that surges in issuance need not mean late nights in the office frantically trying to beat those December deadlines. Frequent borrowers are coming to the market more regularly to avoid oversupply in the fourth quarter.

"People have learned that the pipeline of deals is important for pricing," says Fraser Malcolm, head of ABS syndicate and trading at Dresdner Kleinwort Wasserstein. "In 2002, Q4 was crammed full of deals. Spreads moved out significantly, but this wasn't to do with quality. There has been a much more consistent supply this year."

The biggest single contribution to the European structured finance market came from mortgage-backed securitizations. According to figures from the European Securitization Forum, MBS issuance hit €59.7 billion in the first half of 2003, up 110% on the first half of 2002.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree